CoStar Thrives with Database Strategy
Costar (computer stored ambulatory record) is an American electronic medical record company that keeps its records or data using MUMPS programming language. Jerome Crossman and Barnett Octo established it between 1968 and 1971 for Harvard community health plan. COSTAR is the primary website offering of data, analytics and marketing services for commercial real estate. It is the largest comprehensive database of knowledge or data on commercial real estate in the world. It is significant to note that CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information (Costar n.d).
The company has the strongest database centre in the world. This is attributed to the fact that the company’s suite of online services enables customers to analyze, interpret, and gain unmatched insight on commercial property values, market conditions, and current availabilities. It uses technology known as LoopNet, which enables a CoStar to operate the most heavily trafficked commercial real estate marketplace online with more than 7 million registered members. CoStar runs websites with a total of about 10 million unique monthly visitors.
The Use of Abbreviations
As part of database strategy, Costar MUMPS uses a complex programming language that offers ACID (atomic, consistent, isolated, and durable) transaction processing. This method of programming is unique and different from other programming language that other companies use. Further, the MUMPS method of programming is also a unique feature since it incorporate built in database which enables high level access to disk storage utilizing simple and less sophisticated symbolic program variables or subscripted arrays. The programming language use subscripted arrays to access the main memory. It is also significant to note that the MUMPS language uses a unique terse code, which implies that every MUMPS function, or command name could be truncated from one to four letters in length. In turn, the whole line of program code could articulate similar concept that other programming languages used by other companies might take up to ten times as many characters to articulate. The only problem with the use of abbreviation was that it MUMPS programmers did not comment terse codes and used wide abbreviations (CoStar 72).
Master Data Management Strategy
The company’s database strategy is also based on its ability to master data management. Master data management is a process that spans all of an organization’s business process and applications. This provides the company capability to store, maintain, exchange, and synchronize consistent, accurate, and timely “master data of different real estate companies. Additionally, master data management enables the company to aggregates and assesses transaction data of real estate firms. Transaction data is a process where the company generates and captures data using its operational systems. To ensure effective management of real estate business, the company takes the transactional and master data into where it is able to monitor the rental rates and demographics of the business. Through its data management system, the company is able to
- Investigate all commercial real estate classes and types incorporating industrial, retail and multifamily
- scrutinize property detail with up to 200 discrete data elements
- Objective properties, portfolios and markets among truly representative peer groups
- View sales comparables with verified buyer-seller transaction reports
- recognize space for lease and property for sale across all major U.S. markets
- Visualize commercial properties with high-resolution digital photos and sites plans.
CoStar network management for data collection and delivery for efficient business operation. For instance, through master and transactional data, CoStar has been able to manage its data effectively by offering companies with the ability to store maintain and share data.
Costar Marketing with Facebook
In the current information age we live in, people have found social media networks to be an indispensable tool for connecting and communicating with each other. Through social networks, public forums, media sharing websites or blogs, people today can have interactive dialogues with others to share experiences and any important information. Although many people had argued that social media would slowly fade away, research shows that social networks will continue to grow in strength for years to come.
The exposure of Costar takes place when a customer or potential customer becomes aware of a particular service, advertisement, or product by perceiving it through any of their senses regardless of whether or not they paid attention to it. Facebook channels help new brands to establish themselves and foster awareness among future customers. In the case of existing brands, social media channels raise awareness. CoStar use Facebook marketing to build and enhance brand reputation and popularity (Pirini 78).
Facebook allow businesses to create profiles or pages on their site through which users in them can view their brands. Facebook, for instance, allows CoStar to create a business page with a ‘like’ button on which users can click to become automatic online members of the particular business community. Such pages have great potential to create, raise, or maintain brand popularity and exposure.
Facebook channels allow unlimited interactive dialogue between businesses and their current as well as prospective customers. In addition, Facebook allow CoStar consumers to leave feedback and share their opinions with other consumers, future customers as well as the businesses themselves. Customers also have 6 the ability to request help from the company customer-support personnel. Real estate entrepreneurs have a direct interaction with their target audience allowing them to know their true thoughts, attitudes, and feelings about their products or services. Such interaction is not only important because it informs businesses on what their customers really want, but also because it fosters positive relationships between companies and their customers (Pirini 99-100).
CoStar Facebook marketing presents entrepreneurs with a promotional tool that does not require high advertising expenses or high amounts of time. Facebook advertising is a ‘ business marketing tool ‘ aimed at achieving high-end markets. CoStar knows where to find its target audience online, which makes its Facebook marketing strategy with remarkable returns. It is significant to note that CoStar Facebook marketing strategy enables its management of people for the acquisition of information for effectiveness.
- CoStar. Commercial Real Estate Information Company.” CoStar | # 1 Commercial Real Estate Information Company. N.p., n.d. Web. 9 November 2013. <https://www.costar.com/>.
- CoStar Research: Overview of Industry’s Largest Research Organization.” CoStar | # 1 Commercial Real Estate Information Company. N.p., n.d. Web. 9 November. 2013. <https://www.costar.com/Research.aspx>.
- Pirini, Wynne. How to Use Facebook for Business – Your Quick start Guide for Getting Customers Fast. New York: Kindle Books, 2012. Print.